The Guarantee Contract is a crucial legal instrument in New Zealand's commercial and financial landscape, commonly used to provide additional security for loans, financial obligations, or performance commitments. This document is essential when a creditor requires extra assurance beyond the principal debtor's commitment, particularly in situations involving substantial financial exposure or perceived credit risk. The guarantee may be limited or unlimited in scope and can be secured or unsecured. It must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Credit Contracts and Consumer Finance Act 2003, and relevant financial services legislation. The document is particularly important in commercial lending, property transactions, and business arrangements where one party seeks additional security for the performance of obligations by another.
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1. Parties: Identifies the guarantor, the creditor (beneficiary of the guarantee), and the principal debtor
2. Background: Explains the context of the guarantee, including reference to the principal debt or obligation being guaranteed
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section detailing the guarantee obligations and indemnity provisions
5. Extent of Guarantee: Specifies the scope and limitations of the guarantee, including maximum liability if applicable
6. Duration and Continuing Security: Establishes how long the guarantee remains in effect and its continuing nature
7. Guarantor's Obligations: Details specific obligations of the guarantor including payment terms and performance requirements
8. Creditor's Rights: Outlines the rights of the creditor, including enforcement rights
9. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter the guarantee
10. Default and Enforcement: Specifies what constitutes default and the consequences
11. Payments and Interest: Details about payment obligations, including interest on overdue amounts
12. General Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Security Provisions: Used when the guarantee is supported by specific security assets
2. Multiple Guarantors: Required when there is more than one guarantor, detailing joint and several liability
3. Corporate Guarantor Provisions: Specific provisions required when the guarantor is a company
4. Independent Legal Advice: Acknowledgment section used when independent legal advice is required or recommended
5. Guarantee Limitation: Used when the guarantee is limited in amount or scope
6. Priority and Subordination: Required when there are multiple creditors or security interests
7. Assignment and Transfer: Optional provisions regarding the ability to transfer or assign the guarantee rights
8. Financial Covenants: Used for sophisticated commercial guarantees requiring ongoing financial commitments
1. Schedule 1 - Details of Principal Obligations: Details of the underlying debt or obligations being guaranteed
2. Schedule 2 - Security Details: Description of any security assets or arrangements supporting the guarantee
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor(s) including contact details and asset statements
4. Schedule 4 - Form of Demand: Template for making formal demands under the guarantee
5. Appendix A - Independent Legal Advice Certificate: Certificate from legal advisor confirming advice given to guarantor
6. Appendix B - Corporate Authority Documentation: Required corporate resolutions or authorizations for corporate guarantors
Relevant legal definitions
Agreement
Business Day
Claim
Creditor
Default
Default Interest Rate
Demand
Effective Date
Enforcement Action
Event of Default
Guaranteed Obligations
Guarantor
Indebtedness
Interest
Law
Liability
Maximum Liability Amount
Notices
Obligations
Payment Date
Principal Agreement
Principal Debtor
Principal Obligations
Secured Property
Security
Security Interest
Taxes
Term
Underlying Agreement
Working Day
Business Day
Claim
Creditor
Default
Default Interest Rate
Demand
Effective Date
Enforcement Action
Event of Default
Guaranteed Obligations
Guarantor
Indebtedness
Interest
Law
Liability
Maximum Liability Amount
Notices
Obligations
Payment Date
Principal Agreement
Principal Debtor
Principal Obligations
Secured Property
Security
Security Interest
Taxes
Term
Underlying Agreement
Working Day
Clauses
Interpretation
Guarantee and Indemnity
Consideration
Nature of Guarantee
Payment Obligations
Interest
Representations and Warranties
Covenants
Security
Default
Enforcement
Assignment
Notices
Set-off
Currency
Joint and Several Liability
Independent Legal Advice
Waiver
Amendment
Severability
Governing Law
Jurisdiction
Costs and Expenses
Entire Agreement
Execution
Counterparts
Priority
Discharge
Confidentiality
Force Majeure
Guarantee and Indemnity
Consideration
Nature of Guarantee
Payment Obligations
Interest
Representations and Warranties
Covenants
Security
Default
Enforcement
Assignment
Notices
Set-off
Currency
Joint and Several Liability
Independent Legal Advice
Waiver
Amendment
Severability
Governing Law
Jurisdiction
Costs and Expenses
Entire Agreement
Execution
Counterparts
Priority
Discharge
Confidentiality
Force Majeure
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Commercial Lending
Retail
Manufacturing
Professional Services
Small Business
Property Development
Agriculture
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Commercial Banking
Corporate Services
Business Development
Operations
Treasury
Relevant Roles
Credit Manager
Risk Officer
Legal Counsel
Commercial Banker
Relationship Manager
Contract Administrator
Finance Director
Compliance Officer
Credit Analyst
Corporate Lawyer
Financial Controller
Business Development Manager
Mortgage Broker
Company Secretary
Chief Financial Officer
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